EFTA01449225

30 July 2013 Exchange Rate Perspectives: FX and the Financial Transaction Tax Figure 25: Net capital inflows have turned positive IFigure 26: Net bond outflows have decelerated 20 12 mo. sum 10 0 -10 •20 — Net Equity RPM -30 —Nei Bone & Newer/Ave Net Monty Market Flews -40 —Net Cast elf kws 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 Sown 08 a RenscA are1140F 20 15 I . 0 10 -5 -10 -10 -20 -15 .15 30 -20 —Jaw tern -20 -25 FemIgnFburl -25 -40 —Nei Bends& Nero Fbrts 40 97 98 99 CO 01 02 03 04 05 06 07 03 09 10 11 12 13 10 12 mo. sum 10 15 Sower 08 FX Ramona ref NOP 10 6 'Figure 27: Net equity flows have turned positive (Figure 23: Net money-market inflows have fallen 20 15 12 mo. sum 10 6 0 -5 -10 -16 —Aran Flows Fauvism Flows -20 —Not Equty Flews 979893030102030405060708091011 1213 Saws DO IX asst. ord MOP 20 15 10 6 0 -5 -10 -16 -20 20 16 10 0 -6 -10 -15 -20 979699030102030405060706091011 1213 Sons 0111XIMessei tend MOO United Kingdom (GBP bn) Figure 29: : The basic balance remains negative (Figure 30: Net FDI inflows have turned course 100 30 -40 -110 -180 -250 Me -91Mar-94Mar-97Msr-00Mar-03Mor-OEMar09Mar-12 town 08PXR•scechentl Mew Deutsche Bank Securities Inc. 2.1 2.0 1.9 1.8 1.7 1.8 1.6 1.4 1.3 160 100 50 0 -50 -100 -150 -200 -250 Ma -91 Ma r-94 MOr-97PAE-00Ma r-03 Mar-06 Mar-09Mar-12 Net FM —F DI Outflows FC11Inflovn Sane DO IN Fewane, ins maw 160 100 50 0 -50 -100 -150 -200 -250 Page 29 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0104542 SDNY_GM_00250726 EFTA01449225